Daily Market Update - April 20, 2015

Insurance commissioners act to help protect against insurers’ data breaches… Arthur J. Gallagher acquires Madison Risk & Insurance Services… Malaysian authorities were hit by cyber attack hours after MH370 jet went missing…

Risk Management News

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Insurance commissioners act to help protect against insurers’ data breaches
The Cybersecurity taskforce of the US National Association of Insurance Commissioners has adopted new principles for regulation of insurers, effective April 16. Following recent high profile cyber attacks on insurers, such as the one that exposed the data of millions of Anthem customers, the association says that consumers have a right to expect that their personal information is secure. “These principles will serve as the foundation for protection of sensitive consumer information held by insurers as well as insurance producers and guide regulators who oversee the insurance industry,” said Monica J. Lindeen, NAIC President and Montana Commissioner of Securities and Insurance.

The 12 principles include; state regulators should work with insurers to ensure that data is protected and to create a consistent approach to that aim; data must be stored safely; cybersecurity regulatory guidance should be flexible and scalable for insurers; minimum standards of cybersecurity should in place at all insurers regardless of size; and insurers should share information on emerging risks of cyber attacks. The full document is available on the NAIC website.
 
Arthur J. Gallagher acquires Madison Risk & Insurance Services
Madison Risk & Insurance Services, based in Huntington Beach, Calif. has been acquired by Arthur J. Gallagher & Co. for an undisclosed sum. Madison specializes in coverage for hospitals and other healthcare facilities and professionals throughout the US. It is understood that the company will continue to operate from its existing base and will be under the direction of Gallagher’s western retail property/casualty brokerage operations James McFarlane.
 
Malaysian authorities were hit by cyber attack hours after MH370 jet went missing
A report from cybersecurity firm Kaspersky says that Malaysian authorities were hit by a cyber attack in the hours following the disappearance of Malaysian Airlines flight MH370. The firm says that the attack was carried out by known criminal group Naikon and targeted authorities in Malaysia and other countries that were involved in the search for the missing airliner. Kaspersky’s Costain Raiu says that the attack was an intelligence-gathering mission; they were trying to find out about passengers on the flight. 
 

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